Next BRICS Summit to be held in Russia

BRICS Summit decided to establish the New Development Bank with an initial capital of USD 100 billion.

Modi attended the sixth summit and deliberated on global economic, political and strategic issues. (Source: PTI)

The next year’s BRICS Summit will be held in the Russian city of Ufa after the grouping’s successful meeting in Brazil that saw an agreement being reached on establishing a development bank and a contingency reserve arrangement.

“Brazil, India, China and South Africa convey their appreciation to Russia for its offer to host the Seventh BRICS Summit in 2015 in the city of Ufa and extend their full support to that end,” the BRICS leaders said in the Fortaleza Declaration.

Ufa is the capital city of the Republic of Bashkortostan, Russia, and the industrial, economic, scientific and cultural centre of the republic.

The sixth summit held here was attended by Prime Minister Narendra Modi, Presidents Vladimir Putin of Russia, Xi Jinping of China, Jacob Zuma of South Africa and Dilma Rousseff of Brazil, as they deliberated on global economic, political and strategic issues.

BRICS Summit on Tuesday night decided to establish the New Development Bank with an initial authorised capital of USD 100 billion for which the initial subscribed capital will be equally shared by the founding members, a point New Delhi emphasised to prevent domination by anyone of the members.